Commodities markets summary

Oil prices shot higher, buoyed by optimism for a strengthening US economy after a better-than-expected job growth report and worries about unrest in Egypt.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for August, on Friday surged $US1.98 to $US103.22 a barrel, its highest close since May 2, 2012.

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In London trade, Brent North Sea crude for delivery in August soared $US2.18 to settle at $US107.72 a barrel.

That was the European benchmark's highest close since April 2, bringing Brent prices up five per cent over the week.

WTI gained 6.5 per cent over the week, and in intraday trade on Friday hit a high of $US103.31.

The New York benchmark opened slightly higher then accelerated gains as investors cheered the US job report.

PRECIOUS METALS

Gold and silver futures fell as investors feared that an upbeat US jobs report would pave the way for the Federal Reserve to taper off its stimulus efforts.

Gold for August delivery, the most active contract, on Friday settled $US39.20, or 3.1 per cent, lower at $US1,212.70 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for September delivery fell 96.4 US cents, or 4.9 per cent, to $US18.736 an ounce.

Gold traders worry that the stronger data will lead the Fed to pare back its $US85-billion-a-month bond-purchasing program, which has kept interest rates low and lent support to the gold market.

BASE METALS

Industrial metals on the London Metal Exchange (LME) closed drastically lower after US jobs data sent the US dollar surging, stoking fears that commodity-supportive US stimulus may be tapered soon.

At the close of open-outcry trading, flagship metal copper was 2.3 per cent lower than the previous day's settlement price at $US6,789 a metric ton, while aluminum closed 2.4 per cent lower at $US1,768 a ton.

As copper, aluminum, zinc and lead closed at multi-day lows, nickel was sent plummeting after the data to its lowest price since 2009 and tin slumped to its lowest price since August last year, closing 5.6 per cent down on the day at $US18,845 a ton.